New Oxfam America poll reveals harsh realities in the world’s most unequal rich country

WASHINGTON, Aug. 28, 2013, As the nation prepares to mark Labor Day, Oxfam America released the findings of a new poll commissioned to explore the realities of America’s working poor. The survey reveals that America’s low-wage workers have a fierce work ethic and believe that hard work can pay off. However, they hold jobs that trap them in a cycle of working hard but unable to get ahead and with little hope for economic mobility.

The survey, which was conducted on Oxfam America’s behalf by Hart Research Associates, found that most low-wage workers barely scrape by month-to-month, are plagued by worries about meeting their families’ basic needs, and often turn to loans from family and friends, credit card debt, pawn shops and payday loans, and government programs just to get by. The poll also found that the workers facing the greatest challenges are also the most vulnerable, and that includes parents, women, and those making less than $10 per hour.

“For tens of millions of low-wage American workers, Labor Day is another long day on the job—doing hard work, often at irregular hours, for low pay and few benefits,” said Raymond C. Offenheiser, president of Oxfam America. “As our nation struggles to recover from the Great Recession, there is little recovery for a quarter of American workers who are stuck in low-wage jobs. Our country is now the most unequal rich country in the world, and has the largest percentage of low-wage workers of any advanced economy.”

Oxfam’s survey shows that in addition to inadequate incomes, low-wage workers also face challenges and obstacles that make it difficult to maintain basic job security and to find paths for advancement. Almost a third of those surveyed reported that they have no workplace benefits, such as paid sick leave, health insurance or paid vacation time. And one in six reported having lost a job in the last four years because they got sick or had to take care of a child or family member. A majority of the working poor surveyed believe that it is more common for middle-class people to fall out of the middle class than for low-income people to rise into the middle class.

“Poverty in the US looks very different from poverty in the developing countries where Oxfam often works,” said Offenheiser. “But what is the same – be it in the world’s richest country or its poorest– is the injustice of a society in which a few are mind-bogglingly rich, some are doing well, and too many are working hard but simply can’t make ends meet.”

A majority of low-wage workers reported that they believe that government has a responsibility to ensure that everyone has enough to eat, has access to health care and a roof over their head. But they also believe that government policy is slanted toward benefiting the rich rather than helping the poor get ahead.

“Despite their struggles, our survey finds that low-wage workers don’t want hand-outs; they want a level playing field. They want fair wages, decent working conditions, and dignity,” continued Offenheiser. “A majority of the working poor support a higher minimum wage, help in making child care more affordable, and expanding the earned income tax credit.”

Note: According to the Gini index, the most commonly used measure of inequality, the United States is the wealthiest nation with the largest difference between the poorest and richest.

Oxfam America is a global organization working to right the wrongs of poverty, hunger, and injustice. We save lives, develop long-term solutions to poverty, and campaign for social change. As one of 17 members of the international Oxfam confederation, we work with people in more than 90 countries to create lasting solutions. To join our efforts or learn more, go to www.oxfamamerica.org

Globally, 83% of institutions are either somewhat or very concerned about losing top performers to other opportunities

Demand is strongest for financial services professionals with accounting and finance expertise, operations support experience

TORONTO, April 30, 2013, Already faced with a changing regulatory landscape globally, the financial services sector may have yet another challenge: finding and keeping good employees. In a recent Robert Half study, nearly nine in 10 (89 percent) executives surveyed in seven countries reported recruiting difficulties, and 83 percent said they are concerned about losing top performers to other opportunities.

The survey was developed by Robert Half, the world’s first and largest specialized staffing firm, and conducted by an independent research firm. It is based on responses from 1,100 financial services executives, including finance directors, chief financial officers and chief operations officers, across seven countries: Canada, France, Germany, Hong Kong, Singapore, the United Kingdom and the United States.

“While some areas within financial services institutions have seen cutbacks, other more profitable product lines are receiving further investment which has resulted in additional hiring,” said Neil Owen , global practice director of financial services recruitment for Robert Half . “This is creating challenges in finding the requisite staff to capitalize on emerging opportunities. Competition for the industry’s top talent continues to intensify for middle-office and support roles, particularly accounting and finance, as well as operations positions.”

Recruiting Challenges

Eighty-nine per cent of executives surveyed said it is very or somewhat difficult to find skilled financial services professionals today. Talent shortages are especially acute in Hong Kong, where 95% of respondents cited difficulties. Even in France, which had the lowest level of difficulty, 82% of executives reported recruiting challenges.

When asked how challenging it is to find skilled financial services professionals

Very
challenging

Somewhat
challenging

Net
challenging

All countries

33%

56%

89%

Hong Kong

38%

57%

95%

Singapore

49%

45%

93%

Germany

36%

55%

91%

UK

29%

62%

91%

Canada

28%

62%

90%

US

30%

54%

84%

France

15%

67%

82%

Added Owen,“Institutions around the world need staff who can manage fundamental business needs, drive profitability and ensure compliance mandates are met. Building a team with these skills has become increasingly difficult as firms face situations in which the demand for skilled professionals often outweighs the supply”.

Employers’ Retention Worries

With the hiring environment improving for financial services professionals who can fill roles in areas such as accounting and finance, operations support, revenue generation, and risk and compliance, employers around the globe are worried about losing their best and brightest to other opportunities. Eighty-three percent of financial services executives are at least somewhat concerned about their ability to hang on to top performers this year, the survey found.

The greatest worries appear to be in Hong Kong and Singapore, where 93% and 92% of respondents, respectively, cited concerns about losing good employees. In the seven countries surveyed, at least 76% of respondents expressed some level of concern.

When asked how concerned they are about losing top performers

Very
concerned

Somewhat
concerned

Net
concerned

All countries

31%

52%

83%

Hong Kong

40%

53%

93%

Singapore

50%

42%

92%

Germany

21%

66%

87%

Canada

22%

62%

84%

UK

24%

59%

83%

US

29%

48%

77%

France

21%

55%

76%

“A combination of factors, including heightened demand for skilled specialists in financial services, the growing need for regulatory expertise and operational changes taking place in the sector, may exacerbate current retention challenges,” Owen said. “Employers will need to focus on competitive compensation, progressive perks and rewarding career paths to keep their best people.”

About Robert Half
Founded in 1948, Robert Half is the world’s first and largest specialized staffing firm. The Menlo Park, Calif.-based company has more than 350 staffing locations worldwide and offers online job search services on its divisional websites, all of which can be accessed at www.roberthalf.ca. Follow Robert Half on Twitter at twitter.com/RobertHalf_CAN, and gain insights on the latest financial hiring and salary trends at www.roberthalf.ca/salarycentre.

Professor Anthony M. Criniti IV offers a fresh look at the science of wealth management in “The Necessity of Finance”

PHILADELPHIA – In “The Necessity of Finance” (ISBN 0988459507), Dr. Anthony M. Criniti IV breaks down the complex details of the financial world into easy-to-digest terms any layman can understand and even master. Finance is a completely separate field from economics and as such, Dr.Criniti sets out toexplain real-world topics that investors and “financialists” need to inculcate into their ideological portfolio.

Global wealth accumulation is at its highest levels ever. There are more billionaires and oligarchs living today than at any other time in human history. Yet as the American and global financial system has come under critical scrutiny in recent years, consumers and ordinary citizens are seeking answers about the world of finance. Why is money important? Is it merely ink and paper or digits on a computer screen. Why does finance matter? How might we come to understand its many intricacies which act as a multi-dimensional jigsaw puzzle? The answers will both interest and surprise readers.

“Most of the major theories developed in finance were created by economists, physicists, mathematicians, etc. Finance, although highly interrelated with many other subjects, is a separate field of study that is often confused with others,” says Dr.Criniti. “With world wealth accumulating to its highest point in history, the necessity to understand this subject is more crucial than ever.”

Readers will learn what the difference between money and wealth is and will find answers to many oflife’s financial questions. What is risk and return? What kinds of investments exist? What are the different techniques for selecting investments? And what role does ethics play in finance? The author has created a true page-turner able to clarify the definition, purpose and goals of both finance and economics while exploring financial concepts in a straightforward manner.

Dr. Anthony M. Criniti IV is a former financial consultant and a current professor of finance at several universities. He earned a PhD in applied management and decision sciences, with a concentration in finance. A native of Philadelphia, he has also received many financially related designations, including CHFC, CLU, REBC, and RHU. Dr. Criniti is an active investor and has traveled the world studying various aspects of finance. He is also the author of the acclaimed finance book, The Necessity of Finance and the newly releasedThe Most Important Lessons in Economics and Finance.

Statement by Marion C. Blakey, President and CEO of the Aerospace Industries Association on reports of the contraction of the U.S. economy in the 4th quarter of 2012.

ARLINGTON, Va., Jan. 30, 2013, The contraction of the U.S. economy in the fourth quarter underscores AIA’s warning for the past 18 months that severe across the board budget cuts—both to defense and non-defense discretionary spending—threaten to throw the economy into a tailspin. It is clear from the Commerce Department report that reduced government spending, primarily in the defense sector, is a major cause for the GDP decline. In July 2011, Congress enacted a cut of $487 billion to the defense budget, resulting in ongoing, significant job losses in the defense sector.

In less than 30 days, unless Congress and the White House act, sequestration will kick in, leading to higher unemployment, reduced tax revenue and lower consumer spending. This will be the second wave that overwhelms our floundering economic boat, likely sinking us back into a recession.

As recently as today, Chuck Hagel, nominee for the position of Defense Secretary, said, “[Sequestration] would harm military readiness and disrupt each and every investment program. I urge Congress to eliminate the sequester threat permanently and pass a balanced deficit-reduction plan.”

Sequestration threatens both America’s national security and economic health. Congress and the White House need to focus on a solution that addresses the deficit problem smartly, through a balanced, bipartisan approach that doesn’t cripple our economy and hamstring our national security.

Founded in 1919 shortly after the birth of flight, the Aerospace Industries Association is the most authoritative and influential trade association representing the nation’s leading manufacturers and suppliers of civil, military and business aircraft, helicopters, unmanned aircraft systems, space systems, aircraft engines, missiles, homeland and cybersecurity systems, materiel and related components, equipment services and information technology.

SINGAPORE, Jan. 24, 2013, Wealth-X, the ultra high net worth (UHNW) business development solution for Global Private Banks, Luxury Brands, Educational Institutions and Non-Profits, has just released a list of the top 10 wealthiest Italians.

Topping the list is Michele Ferrero, owner of renowned chocolate maker Ferrero, with a net worth of US$21.7 billion. Coming in second is Leonardo Del Vecchio, founder and chairman of Luxottica Group, with a net worth of US$18.4 billion. Giorgio Armani, president and CEO of Armani Group, is ranked third with a net worth of US$9.7 billion.

Rank

Name

Position

Company

Net

Worth

(US

$billion)

1

Michele Ferrero

Owner

Ferrero International

21.7

2

Leonardo Del Vecchio

Founder and Chairman

Luxottica Group

18.4

3

Giorgio Armani

President and CEO

Armani Group

9.7

4

Silvio Berlusconi

Founder and Owner

Fininvest

7.8

5

Miuccia Bianchi Prada

Co-Founder and Chairman

Prada

7.3

5

Patrizio Bertelli

Co-Founder and CEO

Prada

7.3

7

Stefano Pessina

Executive Chairman

Alliance Boots

6.1

8

Gianfelice Rocca

Chairman

Techint Group

3.3

8

Paolo Rocca

CEO

Techint Group

3.3

10

Diego Della Valle

Chairman

Tod’s

3.1

The collective wealth of the top 10 wealthiest Italians stands at US$88 billion, which comprises 40% of the combined net worth of the Italian UHNW population. In particular, fashion moguls constitute half the list and represent 52% of the combined net worth of the top 10 wealthiest Italians.

Commenting on the list, Wealth-X CEO, Mykolas D. Rambus said, “The top Italian billionaires are inextricably linked to luxury fashion. We often see that there are strong social and professional connections among global billionaires and the Italians are no exception. Understanding a UHNWI’s social capital is increasingly critical for professionals who wish to successfully engage with this ultra wealthy community.”

Wealth-X provides detailed intelligence on ultra high net worth (UHNW) individuals globally. The firm’s Wealth-X Professional solution is the standard for banking, marketing and not-for-profit professionals working with the ultra affluent. Wealth-X is headquartered in Singapore with offices in all major financial centres.

WASHINGTON, Jan. 11, 2013, The United States exported $182.6 billion in goods and services in November 2012, according to data released today by the Bureau of Economic Analysis (BEA) of the U.S. Commerce Department.

“Exports create jobs, grow our economy, and increase American competitiveness,” said Ex-Im Bank Chairman and President Fred P. Hochberg . “Over the past year, U.S. companies have exported more than $2 trillion worth of goods and services, fueled by the power of American innovation. I am pleased that our numbers remain strong, but there is more work to be done. Here at the Bank, we will continue to provide small and medium-sized businesses with the tools they need to succeed globally as we work towards implementing the goals of President Obama’s National Export Initiative.”

Exports of goods and services over the past twelve months totaled $2.189 trillion, which is 38.7 percent above the level of exports in 2009. Over the last twelve months, exports have been growing at an annualized rate of 11.9 percent when compared to 2009.

Ex- Im Bank is an independent federal agency that helps create and maintain U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. In the past five years (from Fiscal Year 2008), Ex-Im Bank has earned for U.S. taxpayers nearly $1.6 billion above the cost of operations. The Bank provides a variety of financing mechanisms, including working capital guarantees, export-credit insurance and financing to help foreign buyers purchase U.S. goods and services.

Ex- Im Bank approved nearly $35.8 billion in total authorizations in FY 2012 – an all-time Ex-Im record. This total includes more than $6.1 billion directly supporting small-business export sales – also an Ex-Im record. Ex- Im Bank ‘s total authorizations are supporting an estimated $50 billion in U.S. export sales and approximately 255,000 American jobs in communities across the country. For more information, visit www.exim.gov.